Mt Carbine
EQ Resources Limited (ASX:EQR)
- Commodities
- Tungsten
- Currently seeking
- Debt, equity and/or strategic partnership
- Project status
- Mining re-started under stage 1 and 2, potential stage 3 expansion
Mt Carbine is a historic tungsten mine in Far North Queensland that was a major producer during the 1970s and 1980s. EQ Resources followed a staged approach to re-opening the mine. Stage 1 involved mining and processing the historic stockpile (started in 2020) and Stage 2 focused on commencing open pit mining (re-started in June 2023). As a result of Stage 2, annual production is expected to produce around 4,000t of tungsten concentrate.
The deposit has exploration upside, with potential for future underground operations to access additional tungsten resources. Combined with the acquisition of the Spanish Barruecopardo tungsten mine and the successful tender for the Wolfram Camp historic mine, EQ Resources has positioned itself to be one of the top western tungsten concentrate producers outside of China.
10
years (minimum) of mine life (2024)$26.3m
CAPEX (2023)$307m
pre-tax NPV 8% (2023)477%
pre-tax IRR 8% (2023)
Key project facts
- In 2023, EQ Resources received a $6 million grant from the Australian Government's Critical Mineral Accelerator Initiative to support Stage 2. A proposed third phase could see underground mining, where significant additional mineral resources are located below and next to the Stage 2 pit.
- EQ Resources entered into a joint venture with CRONIMET in 2019 that included an offtake arrangement for the export of tungsten concentrate. In 2023, an MoU was signed between EQ Resources, CRONIMET and Masan High-Tech Materials Corporation to allocate 70% of the Mt Carbine production to Masan for the next 4 years.
Mineral resources 2023
| Category | Tonnage (Mt) | WO3 (%) | Contained WO3 (mtu) |
|---|---|---|---|
| Indicated | 30.19 | 0.20 | 6,161,586 |
| Inferred | 11.51 | 0.28 | 3,271,100 |
| Total | 41.70 | 0.23 | 9,432,668 |
This table lists mineral resources for 2023 by category. It includes tonnage, percentage of tungsten trioxide, and contained tungsten trioxide in metric tonne units.
Ore resources 2023
| Category | Tonnage (Mt) | WO3 (%) | Contained WO3 (mtu) |
|---|---|---|---|
| Probable | 15.13 | 0.15 | 2,233,550 |
| Total | 15.13 | 0.15 | 2,233,550 |
This table lists ore resources for 2023. It includes tonnage, percentage of tungsten trioxide, and contained tungsten trioxide in metric tonne units.
- Last updated
- 15 August 2025
- Last reviewed
- 11 July 2025